How much life insurance coverage do I need?

Determining how much life insurance coverage you need depends on your individual circumstances and financial goals. Factors to consider include your income, outstanding debts, mortgage, future educational expenses, and the needs of your dependents. A general approach is to multiply your annual income by 10-15. However, this may not be sufficient for everyone. It is recommended to consult with a financial advisor or use online calculators to assess your specific requirements. Evaluating both short-term and long-term needs can help ensure that your loved ones are financially protected in the event of your untimely death. Remember to regularly review and update your coverage as your circumstances change.